TIDMTRP
RNS Number : 6450N
Tower Resources PLC
01 October 2021
1 October 2021
Tower Resources plc
Issue of Warrants to Directors
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed oil and gas company with its focus on Africa,
announces the following issue of warrants to Directors and a
consultant to the Company in lieu of fees.
Warrants are being issued in lieu of GBP30,000 (in aggregate) of
Directors fees to Paula Brancato and Mark Enfield (Non-Executive
Directors), and Jeremy Asher (as Chairman) in settlement of fees
due for the period from 1 October 2021 to 31 December 2021, to
conserve the Company's working capital.
The warrants are exercisable at a strike price of 0.425 pence
("Warrants"), which is the same price of the most recent placing
announced on 11 August 2021 and a premium of 28.8% to the closing
share price of 0.33 pence per share on 30 September 2021. The
Warrants are exercisable for a period of 5 years from the date of
issue and those being issued are detailed below:
Director Number of Total number Shareholding % of issued
Warrants being of Warrants upon exercise share capital
issued held including of total number upon exercise
this issue* of Warrants of Warrants
held
Jeremy Asher 6,493,506 281,164,125 640,295,206 22.0%
---------------- ---------------- ----------------- ---------------
Paula Brancato 3,246,753 17,212,856 17,212,856 0.6%
---------------- ---------------- ----------------- ---------------
Mark Enfield 3,246,753 15,369,008 17,246,554 0.6%
---------------- ---------------- ----------------- ---------------
*Warrants are held at different prices.
As previously announced, the Directors will consider issuing
further warrants in lieu of fees for each calendar quarter based on
the closing price of the shares and the warrant valuation on the
last day of the previous quarter and will make an election and
announce the issue of warrants (if so elected) at the earliest
opportunity in each calendar quarter. This election will be made by
the Board with each Director taking into consideration the working
capital position of the Company.
The Company also announces the issue of 3,246,753 warrants, on
the same terms as the Warrants issued to Directors, to Mr Duncan
Rushworth, a consultant to the Company, in lieu of fees for his
work for the Company during the period from 1 October 2021 to 31
December 2021.
Warrants in issue
Following the above issue of Warrants, the total number of
Warrants in issue is 806,617,644 equating to 25.5% of the Company's
enlarged share capital assuming full exercise of all warrants and
share options.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR'). Upon the publication of this announcement via
Regulatory Information Service ('RIS'), this inside information is
now considered to be in the public domain.
Contacts
Tower Resources plc +44 20 7157 9625
Jeremy Asher
Chairman and CEO
Andrew Matharu
VP - Corporate Affairs
SP Angel Corporate Finance
LLP
Nominated Adviser and Joint
Broker
Stuart Gledhill + 44 20 3470
Caroline Rowe 0470
Novum Securities Limited
Joint Broker
Jon Bellis + 44 20 7399
Colin Rowbury 9400
Panmure Gordon (UK) Limited
Joint Broker
Nick Lovering + 44 20 7886
Hugh Rich 2500
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM:
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Mark Enfield
--------------------------------- -------------------------------------------
2. Reason for the notification
------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
--------------------------------- -------------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------- -------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name: Tower Resources PLC
--------------------------------- -------------------------------------------
b) LEI: 2138002J9VH6PN7P2B09
--------------------------------- -------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------
a) Description of the financial Ordinary Shares of
instrument, type of instrument: 0.001 pence each
Identification code: GB00BZ6D6J81
--------------------------------- -------------------------------------------
b) Nature of the transaction: Warrants in lieu of
Directors fees
--------------------------------- -------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
0.425 pence 3,246,753
----------
--------------------------------- -------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.425 pence 3,246,753
--------------------------------- -------------------------------------------
e) Date of the transaction: 1 October 2021
07:00 BST
--------------------------------- -------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Paula Brancato
--------------------------------- -------------------------------------------
2. Reason for the notification
------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
--------------------------------- -------------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------- -------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name: Tower Resources PLC
--------------------------------- -------------------------------------------
b) LEI: 2138002J9VH6PN7P2B09
--------------------------------- -------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------
a) Description of the financial Ordinary Shares of
instrument, type of instrument: 0.001 pence each
Identification code: GB00BZ6D6J81
--------------------------------- -------------------------------------------
b) Nature of the transaction: Warrants in lieu of
Directors fees
--------------------------------- -------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
0.425 pence 3,246,753
----------
--------------------------------- -------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.425 pence 3,246,753
--------------------------------- -------------------------------------------
e) Date of the transaction: 1 October 2021
07:00 BST
--------------------------------- -------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Jeremy Asher
--------------------------------- -------------------------------------------
2. Reason for the notification
------------------------------------------------------------------------------
a) Position/status: Chairman and Chief
Executive Officer
--------------------------------- -------------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------- -------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name: Tower Resources PLC
--------------------------------- -------------------------------------------
b) LEI: 2138002J9VH6PN7P2B09
--------------------------------- -------------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------------------
a) Description of the financial Ordinary Shares of
instrument, type of instrument: 0.001 pence each
Identification code: GB00BZ6D6J81
--------------------------------- -------------------------------------------
b) Nature of the transaction: Warrants in lieu of
Directors fees
--------------------------------- -------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
0.425 pence 6,493,506
----------
--------------------------------- -------------------------------------------
d) Aggregated information: Single Transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.425 pence 6,493,506
--------------------------------- -------------------------------------------
e) Date of the transaction: 1 October 2021
07:00 BST
--------------------------------- -------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- -------------------------------------------
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END
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